The fair value of the S&P 500 is estimated to be around 5,400, according to JPMorgan's long-term quant model, Investing.com. This suggests that the index is slightly overvalued at its current level, but the overvaluation could be offset by earnings growth.

JPMorgan: Sees a fair value around 5,400, suggesting a modest overvaluation.
LPL Financial: Had a year-end 2025 target of 6,275-6,375, but revised it downwards due to the potential impact of tariffs.
RBC: Suggests a fair value of 5,500, according to Investing.com.
GuruFocus: Estimates the fair value at 5,290.8, based on their GF Value model.
DataTrek Research: Analyzes fair value based on historical earnings multiples and suggests a range between 3,758 and 4,464, depending on the average used.